High pitched noise on my Hotpoint Aquarius 1200?

I've just got a Hotpoint Aquarius 1200 from a friend who never used it for 1 year.
When the spin is on slow, I hear a high pitched 'squealing' like noise. At full speed it sounds fine. Can anyone tell me if it sounds like a part is 'on its way out' so I can replace it before it does.
Cheers

Ste